As I enquired more, the telesales operator told me that there is a 1.8% insurance charge, which is compulsory. Meaning I will only get $9820 for a $10,000 loan. Together with the 3.49% interest, I will need to pay almost 6% annualized interest.
I felt cheated by the call. Wasted a good 10 minutes listening to the sales talk.
I wanted to make a counter offer. Why not I lend you 10,000 for 2 years and you pay me 5.5% interest in monthly installments?
Standard chartered needs to try harder to make me take loans from them. It is an irony that they only want to lend money to people who do not need it.